Indiabulls Real Estate rallies 7% as Blackstone mulls promoters' stake

According to reports, the US-based investment firm may purchase promoters' total 39 percent stake in Indiabulls Real Estate through a joint venture with Bengaluru-based realty firm Embassy Group.

Shares of Indiabulls Real Estate rallied as much as 7 percent intraday on June 7 after the reports made rounds that Blackstone is eyeing promoters' stake for an estimated value of about $1 billion.


According to reports, the US-based investment firm may purchase promoters' total 39 percent stake in Indiabulls Real Estate, for around Rs 140/150 per share, through a joint venture with Bengaluru-based realty firm Embassy Group.

Indiabulls Group is looking to exit the real estate business so that it can get regulatory approvals for the proposed merger of Indiabulls Housing Finance with the Lakshmi Vilas Bank.

Sources said the talks between Blackstone and Indiabulls Group are at an advanced stage.

At 0928 hrs, Indiabulls Real Estate was quoting Rs 138.25, up 5.05 percent on the BSE.

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